Bitcoin Slips Below $25K as Altcoins Rally: What You Need to Know

Bitcoin Price Falls Below $25K

• Bitcoin’s 24-hour price chart has retreated to below $25,000 after reaching a nine-month high of about $26,500.
• Altcoins have rallied with stacks (STX) leading the pack, up 36% over the past 24 hours.
• Binance.US has proposed buying assets of bankrupt crypto lender Voyager Digital for $1 billion but this is being disputed by the U.S. government.

Price Retreats After Inflation Data

Bitcoin’s 24-hour price chart has seen a retreat to below $25,000 after reaching a nine-month high at around $26,500 minutes after the release of the US Consumer Price Index showed that the rate of inflation is slowing down. Several altcoins are also rallying, with stacks (STX) taking the lead with a 36% increase in its value over the past 24 hours and IMX token for Immutable X surging 30%.

Binance US Deal Put On Hold

The proposed acquisition by Binance.US of assets from bankrupt crypto lender Voyager Digital for an estimated worth of $1 billion has been put on hold following an appeal from the U.S. Trustee, part of Department of Justice responsible for bankruptcy cases objecting to it on grounds that it would absolve Voyager and its staff from any criminal liabilities or proceedings involving their activities whilst running the business prior to filing bankruptcy papers.

Franklin Templeton Developing Crypto Investment Products During Bear Market

President and CEO Jenny Johnson of Franklin Templeton is developing crypto-linked investment products during this bear market while taking into consideration her client’s sentiment about cryptocurrencies in general and their expectations about potential returns from such investments in particular.

CoinDesk Markets Team Reporters Discuss Cryptocurrency Markets

CoinDesk Markets reporters Lyllah Ledesma and Omkar Godbole discuss bitcoin price movements over time as well as other developments related to cryptocurrency markets such as altcoin rallies and proposed acquisitions by Binance US among other topics related to cryptocurrency investing and trading opportunities available in today’s markets.

Yield Farmers Rush to Capture 21% APY on USD Coin with Conic Finance

• A new tool called Conic Finance was recently launched, allowing users to deposit tokens into its omnipools and earn up to 21% annualized yields on three major stablecoins.
• Over $60 million has been deposited in the first week since launch, with the USDC pool alone attracting over $50 million liquidity.
• CNC tokens are rewarded for staking of LP tokens and can be used in Liquidity Allocation Votes (LAVs) to control how liquidity is allocated across Curve pools.

Introduction

Conic Finance is a new tool that enables users to capture yield rewards from the popular DeFi protocol Curve by depositing their tokens into omnipools and receive up to 21% annualized returns on major stablecoins such as USD Coin (USDC), DAI and FRAX.

Overwhelming Response

Since its launch on March 1st, Conic Finance has attracted over $60 million in deposits within just one week. Particularly, USDC has become the most favored token among depositors with over $50 million worth of liquidity added so far. Deposits for DAI and FRAX have been considerably lower at $5 million and $7 million respectively.

Rewards & Governance

As an incentive for staking LP tokens, holders can receive CNC tokens as rewards which can also be used in Liquidity Allocation Votes (LAVs). This allows them to directly control how liquidity is allocated across different Curve pools. Additionally, Convex (CNX), another Curve ecosystem token is also rewarded alongside CNC tokens.

Value Creation Potential

The demand for these yield-generating products could generate value for the native CNC token as it currently trades at around $8 per token.

Conclusion

Conic Finance offers users a great opportunity to earn high APY yields from leading DeFi protocols while using their tokens’ governance capabilities to influence how liquidity is allocated across different Curve pools.

Klaytn to Increase KLAY Token Demand in 2023, Drive Deflationary Asset

• Klaytn recently passed a governance proposal to burn nearly 50% of its token supply, a move that contributes towards making KLAY more valuable eventually.
• Klaytn will gradually transfer its decision-making authority to the community, allowing token holders users to have a say on who sits on Klaytn’s Governance Council (GC).
• The Klaytn platform intends to establish KLAY as a deflationary asset and provide more tools for developers intending to launch products on the network.

Klaytn Blockchain Technology

Klaytn is a public blockchain platform developed by South Korean internet giant Kakao Corp., designed with scalability and usability in mind. Recently, the platform passed a governance proposal to burn nearly 50% of its token supply, contributing towards making KLAY more valuable eventually. Additionally, it will also launch a permissionless network pilot in the second half of 2023 on its Cypress mainnet.

Increasing Demand for KLAY Tokens

Klaytn aims to increase the demand and value for its native KLAY tokens by providing more tools for developers intending to launch products on the network. It is currently exploring ways such as identifying key crypto infrastructure services where KLAY can be used and utilizing decentralized oracles which feed information from the world into a blockchain system. Through these initiatives, Klaytn hopes users will transact using their native tokens, leading to more gas burns over time.

Community Governance Council

To ensure decentralization and transparency within the network, Klaytn plans to establish community governance council selection and dismissal processes. This allows token holders users to have an influence on who sits on Klaytn’s Governance Council (GC). The GC is responsible for overseeing governance of the Klaytn network and assists in creating policies that improve user experience while maintaining decentralization within the protocol’s framework.

Deflationary Asset

The roadmap seeks to make KLAY an effective deflationary asset by relying heavily on gas burns instead of inflationary strategies like minting new tokens or using staking rewards as incentives for validators. This effectively reduces supply over time which increases demand due to scarcity dynamics present in Bitcoin’s halving events — reducing miner rewards every 4 years leads miners take other actions such as increasing fees or exiting mining altogether due lack of profitability caused by reduced block rewards.

2023 Roadmap Goals

Klanyt’s 2023 roadmap outlines several goals — establishing an effective deflationary asset through gas burns rather than inflationary methods; establishing community governance council selection processes; launching permissionless network pilot on Cypress mainnet; increasing transactional utility through use cases such as decentralized oracles; and identifying key crypto infrastructure services where KLAY can be used.